Nuwellis, Inc. · NASDAQ:NUWE
Nuwellis — Investor Presentation (December 2025)
28 slides from Nuwellis's investor presentation, December 2025
Slide 1: Unlocking a New Standard in Cardio-Renal Care
Unlocking a New Standard in Cardio-Renal Care Investor Presentation December 2025 Nuwellis, Inc. | Nasdaq NUWE | Confidential and proprietary | December 2025 1 Nuwellis, Inc. | Nasdaq NUWE | Confidential and proprietary | December 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement Financial and Statistical Data This presentation also contains estimates and other statistical data made by Forward Looking Statement independent parties and by us relating to market shares and other data This presentation contains forward‐looking statements within the meaning
Slide 3: Our Mission
Our Mission Nuwellis is dedicated to advancing cardio-renal care by enabling earlier, safer, and more controlled fluid management for patients. 3 Nuwellis, Inc. | Nasdaq NUWE | Confidential and proprietary | December 2025 3
Slide 4: From Single Solution to Emerging Platform, Nuwellis Is Advancing Its Cardio-Renal Presence
From Single Solution to Emerging Platform, Nuwellis Is Advancing Its Cardio-Renal Presence Preparing to expand our critical care capabilities with advanced monitoring solutions. Clarity RMS ClarityPRIME by Rendiatech by Rendiatech *Future capabilities referenced herein are contingent upon the succes
Slide 5: Our Evolving Portfolio
Our Evolving Portfolio Clinical IMMEDIATE, HIGH-RISK PROBLEM BROADER CLINICAL CHALLENGE UNMET SYSTEMS-LEVEL NEED Landscape Where Aquadex is Foundational Where Nuwellis is Expanding Long-Term Platform Goal Integrated Cardio- Nuwellis Role Fluid Overload Fluid Management Renal Care Integrated, standar
Slide 6: Nuwellis is Positioned at a Strategic Inflection Point
Nuwellis is Positioned at a Strategic Inflection Point Expanding Hospital-Based Bridging Providers Who Critical Care + Pediatrics Outpatient Care Manage AKI • Now ~80% of our business and • Multiple sites live and actively • Enabling coordinated management growing treating patients between cardiolog
Slide 7: Fluid Overload Is The Harmful Buildup Of Excess Water And Salt In The Body
Fluid Overload Is The Harmful Buildup Of Excess Water And Salt In The Body That The Heart, Kidneys Or Treatments Cannot Remove Causes of Fluid Overload Heart Failure Pediatric Conditions Kidney Disease / AKI Critical Care & Diuretic Resistance Surgery Heart cannot pump Immature or diseased Kidneys c
Slide 8: Fluid Overload Is Still an Urgent and Critical Challenge Across Multiple Hospital Specialties
Fluid Overload Is Still an Urgent and Critical Challenge Across Multiple Hospital Specialties Fluid Overload is a leading cause of costly hospital readmission post 30 days following cardiac surgery7 Critical Care Pediatric Heart Failure For critically ill patients in the In pediatric patients, Fluid
Slide 9: Acute Kidney Injury Affects Up to 40% of Cardiac Surgery Patients
Acute Kidney Injury Affects Up to 40% of Cardiac Surgery Patients12 Recognizing the critical link between fluid overload and acute kidney injury underscores the imperative for precise fluid AKI Prevalence in management in cardiac surgery patients. Cardiac Surgery12 40% 60% AKI No AKI 12: Beckles DL
Slide 10: Why Fluid Management Matters for Patient Outcomes
Why Fluid Management Matters for Patient Outcomes Organ Impact Venous congestion → renal congestion → diuretic resistance → escalating FO → AKI13 (seen across adult and pediatric critical care). Mortality FO > 5% body-weight gain is associated with significantly higher mortality across ICU cohorts.
Slide 11: Nuwellis' Total U.S. Platform Opportunity Exceeds $4.2B Today
Nuwellis’ Total U.S. Platform Opportunity Exceeds $4.2B Today Aquadex, Vivian, and Clarity collectively address an enormous market opportunity $4.2B Clinical Addressable U.S. Market Critical Care Inpatient HF Outpatient HF Pediatrics Fluid Monitoring Kidney Output $900M Market17 $1B Market17 $770M M
Slide 12: Aquadex
Our Solution Aquadex ® A clinically proven therapy for precise, predictable fluid removal18 • Unique low-volume ultrafiltration • Usable across multiple hospital settings • Supports broad adoption with minimal workflow change 18: Pinney, S et. al., J AM Coll Cardiol HF, 2025, ISSN 2213-1779 https://
Slide 13: Pediatric Adoption of Aquadex Validates Both the Market Need and the Pathway
Pediatric Adoption of Aquadex Validates Both the Market Need and the Pathway for a Dedicated Pediatric Solution Providers are increasingly seeking out Aquadex for use with children, validating both the clinical demand and the growing commercial footprint in pediatric centers. Adopted in 47 of 130 to
Slide 14: Aquadex Demonstrated Improved Survival in Pediatric Setting
Aquadex Demonstrated Improved Survival in Pediatric Setting Demonstrated 92% Survival in Children with Acute Kidney Injury (AKI), Fluid Overload or Congenital Kidney Failure Following Treatment with Aquadex® ULTRA-Peds Study Highlights Ultrafiltration Therapy Registry Using Aquadex of patients survi
Slide 15: Introducing Vivian
Introducing Vivian Our dedicated pediatric solution Currently in development and supported by a $3M NIH grant. • Ultra-low ECV (29–67 mL) for neonatal + small-child CRRT • Engineered for patients as small as 2.5kg with unique Hematocrit and SVO2 sensor safety features • Integrated UF, CVVH, and CVVH
Slide 16: Vivian Product Development Milestones
Vivian Product Development Milestones With product development completion planned for Q1 of 2027, we are positioned for a strong launch in 2028. 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 IDE Milestones DV BUILD SUMBISSION READINESS LAUNCH & V&V PHASE REVIEW CLOSURE Finalize Electrical Devel
Slide 17: The ClarityRMS and ClarityPRIME Systems Expands Nuwellis Into Smart Fluid Monitoring
The ClarityRMS and ClarityPRIME* Systems Expands Nuwellis Into Smart Fluid Monitoring A pending acquisition that would extend our cardio-renal platform into the fast-growing fluid-monitoring market. 1. Addresses a Critical Need in 2. Enters a High-Growth, 3. Fits Directly Into Our Existing Cardiac S
Slide 18: Expanding Into High-Value Care Teams Across the Cardio-Renal Continuum
Expanding Into High-Value Care Teams Across the Cardio-Renal Continuum As our platform moves from fluid removal to fluid monitoring, we gain access to high-influence clinicians across inpatient, outpatient, and cross-specialty teams. Critical Care Heart Failure Cardiac Surgeons Chronic HF Cardiologi
Slide 19: Our Strategic Growth Plan Emphasizes Four Key Efforts
Our Strategic Growth Plan Emphasizes Four Key Efforts We’ve structured our sales and marketing team to ensure seamless execution 1 Accelerate Critical Care Business 2 Expand Outpatient Pathways 3 Accelerate Pediatrics + Vivian Development 4 Portfolio Expansion + Collaborations 19 Nuwellis, Inc. | Na
Slide 20: High-Margin Recurring Revenue Model
High-Margin Recurring Revenue Model Aquadex Console Capital Equipment Disposables Recurring Revenue One-time CapEx Single-use for purchase every treatment Price point: High-margin high-value Flexible acquisition Increasing utilization models: purchase, as adoption spreads lease or rental 20 Nuwellis
Slide 21: Reimbursement For Aquadex Outpatient Treatments Increased Nearly Fourfold
Reimbursement For Aquadex Outpatient Treatments Increased Nearly Fourfold — From $413 To $1,639 Per Day With the reassignment of CPT 0692T in early 2025, outpatient programs are now a true growth driver for Nuwellis. Cost Avoidance $1,800 $1,639 Proactive hospital-based $1,600 4x Higher outpatient c
Slide 22: Positioned for Meaningful Revenue Growth and Improved Cash Flow
Positioned for Meaningful Revenue Growth and Improved Cash Flow Driven by Critical Care and Pediatric Expansion U.S. Total Product Revenue 100% CASH 90% 19% $3.1 million as of 23% 27% 80% 30% 35% 37% 39% Sept. 30, 2025 70% 33% 60% 36% 50% 42% 46% 42% 40% 40% 44% 30% 48% 20% 41% 31% 10% 24% 23% 23% 1
Slide 23: Nuwellis Leadership Team
Nuwellis Leadership Team Over 200 years of combined experience in clinical practice and the medical device industry, including major tenures at J&J, B oston Scientific, Medtronic, and Abbott/St. Jude Medical. John Erb Lynn Blake Ryan Marthaler Betsy Riemenschneider Chief Executive Officer Head of Fi
Slide 24: Capitalization Overview
Capitalization Overview As of September 30, 2025 Common Equivalents Common Stock 1,364,970 Preferred Stock 24,292 Warrants (weighted avg. exercise price: $30.34) 1,335,474 Options (weighted avg. exercise price: $204.23) 4,460 Fully Diluted 2,729,186 24 Nuwellis, Inc. | Nasdaq NUWE | Confidential and
Slide 25: Future Revenue Potential Driven by Organic Growth, Product Development, Acquisition
Future Revenue Potential Driven by Organic Growth, Product Development, Acquisition $ millions Revenue Growth by Initiative $35.0 Contributors to revenue growth: ~ $31 M $30.0 • Organic growth driven by momentum in $5 pediatric and critical care categories $25.0 $25M = $3 • Sustained organic growth
Slide 26: Nuwellis is at an Inflection Point
Nuwellis is at an Inflection Point — Clinical Momentum, Portfolio Expansion and Stronger Economics Converge in 2026 Aquadex growth, new pediatric innovation, and entry into a smart monitoring market position Nuwellis for accelerated value creation in $4B+ U.S. market. Strategic Realignment Financial
Slide 27: Thank You
Thank You 27 Nuwellis, Inc. | Nasdaq NUWE | Confidential and proprietary | December 2025
Slide 28: Appendix: Market Size Sources
Appendix Market Size Sources Heart Failure – Inpatient • Incidence of HF: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5494150/ • Annual HF Hospitalizations: Costanzo MR, et al. J Am Coll Cardiol. 2017 May 16;69(19):2428-2445 • Insufficient diuretic response: https://www.ahajournals.org/doi/10.1161/